Police on Thursday apprehended two men from outside Hazrat Nizammuddin railway station who were allegedly carrying Rs 27 lakh in new currency notes which they received after exchanging old demonetised notes from some agents in Mumbai. The duo told Crime Branch sleuths about a Delhi-based man who has allegedly exchanged currency worth Rs 1.5 crores till now.

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On a tip-off from intelligence agencies, the Crime Branch team apprehended Ajit Pal Singh and Rajender Singh this evening, said a senior police officer. Singh and Rajender had returned from Mumbai after getting demonetised notes exchanged for new currency. During joint interrogation conducted by police, IT department officials and intelligence officials, they revealed that they were carrying money that belongs to one Sanjay Malik, who has a pharmaceutical company in Baddi.

“We are on the lookout for Malik. It has emerged during investigation that he has got his money changed from Mumbai and he is taking commission from acquaintances for getting their old notes exchanged. He and his accomplices have so far brought Rs 1.5 crore of new currency from Mumbai,” said the officer. The IT department has been informed and police might seek the help of their counterparts in Mumbai for further investigation, said another officer.

“It looks as if some bank officials from Mumbai are involved in the racket. There is a well-oiled machinery of agents and sub-agents dealing in new currency and gold,” he said. Ajit Pal is involved with a firm that is engaged in the business of retail of medicine and is Malik’s friend. Rajender works under Malik.

“They were travelling with new currency from Mumbai to Delhi by Sampark Kranti Express and had come out of the Nizammuddin railway station. They were in a car when their vehicle was intercepted outside the railway station by Delhi Police officials,” he said.